Cyprus Permanent Residency: A Quick Guide

Cyprus Permanent Residency, referred to as a Cyprus immigration permit or unlimited residency, offers Non-EU citizens and their qualifying dependents the opportunity to obtain a secure and long-term legal status in Cyprus. This status grants them the right to enter and reside in Cyprus indefinitely, with no expiration or renewal requirements.

Permanent residence programs

Permanent residency by investment

• The Category 6.2 Fast Track Permanent Residency requires a minimum investment of €300,000 (plus VAT) in a newly built property.
• Permanent Residency Category F necessitates an investment of at least €100,000 (plus VAT) in real estate and a steady income from abroad to cover living expenses. Applicants must showcase an annual income from abroad that covers their living expenses in Cyprus. The required income starts from €9,568 for the main applicant, with an additional €4,613 for each dependent person.

Both permits provide visa-free travel within the EU and access to Cyprus' high standard of living and favorable tax regime.

Residency with the right to work

Cyprus offers business visa categories that cater to individuals involved in companies with foreign interests.

• Category C is designed for investors who work for their own company and bring capital of approximately €260,000 from abroad to support their business activities in Cyprus.
• Category E caters to individuals who have been offered permanent employment opportunities in the country.

Other programs

Permanent Residence by 5 years of stay
Non-EU citizens who have legally and continuously resided in Cyprus for a period of five years prior to submitting their application, while holding a valid temporary residence card throughout that time, are eligible to apply for the long-term residence permit.

Permanent Residency for EU citizens
European Union citizens and their family members who have maintained continuous legal residence in Cyprus for a period of 5 years can apply for permanent residency.

Permanent Residency by marriage to Cypriot
Individuals who are married to Cypriot citizens, as well as their minor children from previous marriages, parents of the Cypriot citizen, and parents-in-law, have the opportunity to apply for a residency permit with an unlimited duration.

Fast-track procedure for Cyprus Permanent Residency

To obtain Cyprus Permanent Residency through investment, investors must meet the following requirements:

Property Investment: Investors must purchase a new house or apartment from a development company for a minimum amount of €300,000 plus VAT. The property can be registered in the investor's name or in the name of a company they own, with a maximum of two properties allowed.

Income Requirement: The investor must demonstrate an annual secured income of at least €50,000 from abroad, which can include various sources such as salaries, pensions, dividends, and rents. Additional income is required for the spouse and each underage child.

Family Coverage: The PR permit covers the investor's spouse and children up to 18 years old. Children between 18 and 25 years old can apply separately for a student immigration permit if they are financially dependent on the investor, unmarried, and studying at a university abroad.

Additional Conditions: Applicants must provide a clean criminal record from their country of residence and should not pose a threat to public order or security in Cyprus.

Category F Permanent Residency in Cyprus

To qualify for the Category F Permanent Residency permit in Cyprus, applicants need to meet the following criteria:

Property Purchase: While there are no strict property purchase requirements, it is advisable to buy a property in Cyprus, regardless of the amount. This can include resale properties, and the funds for the purchase do not necessarily need to be transferred from abroad.

Annual Income: Applicants must demonstrate an annual income of at least €9,568 for the main applicant and €4,613 for each dependent person. This income should be sourced from abroad and can include salaries, pensions, stocks, and rental income.
Bank Deposit: It is recommended to have a bank deposit in a Cyprus bank account of approximately €15,000 to €20,000. This deposit should be available and not pledged, serving as a financial resource after the application process.

Family Members: Only children up to 18 years old can be included as dependents in the application. Their permanent residency status will remain valid until they reach the age of 18. However, parents of the applicants cannot apply as dependents.

While it is possible to apply for Category F Permanent Residency with a rented property, it is important to note that such applications may face potential rejection by the Migration Department. Based on experience, it is advisable to apply after purchasing a property to enhance the chances of a successful application.

Key Highlights:

Restrictions on Employment: Permanent residency holders are not allowed to work in Cyprus but can become shareholders in Cypriot companies and receive dividend income.

Travel Benefits: The Cyprus permanent residency permit does not grant visa-free travel to other countries or EU member states, except for Romania and Bulgaria.

Annual Verification: Starting from 2023, applicants must annually confirm their compliance with specific criteria, including maintaining the initial investment, secured annual income, clean criminal record, and health insurance if necessary.